Wood Coatings Market Size to Worth USD 12,323.2 Million by 2027 | Fortune Business Insights™
The global wood coatings market covered major segments by Resins (Polyurethane, Nitrocellulose, Acid-curing, Polyester, and Others), By Formulating Technology (Solvent-borne, Water-borne, UV-cured, and Others), By Application (Furniture, Cabinets, Siding, Flooring, and Others) and Regional Forecast, 2023-2027.
Pune, India, June 13, 2023 (GLOBE NEWSWIRE) — According to a report by Fortune Business Insights™ titled, “The Global Wood Coatings Market Size, Share, Growth, and Report Forecast, 2023-2027,” the global market is anticipated to achieve a value of USD 12,323.2 Million by 2027, with a CAGR of 4.8% during the forecast period. The market witnessed a size of USD 8,656.6 Million in 2019 and is expected to experience healthy growth due to rising consumer preference for sustainable and eco-friendly furniture alternatives.
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The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
The Report Lists the Key Companies in the Wood Coatings Report:
- Dow (Michigan, U.S.)
- Akzo Nobel N.V. (Amsterdam, Netherlands)
- Asian Paints (Mumbai, India)
- BASF SE (Ludwigshafen, Germany)
- Kansai Nerolac Paints Limited (Osaka, Japan)
- PPG Industries, Inc. (Pennsylvania, U.S.)
- RPM International Inc. (Ohio, U.S.)
- The Sherwin-Williams Company (Ohio, U.S.)
- Teknos Group (Helsinki, Finland)
- Axalta Coating Systems (Pennsylvania, U.S.)
- Nippon Paint Holdings Co., Ltd (Osaka, Japan)
- Stahl Holdings (Waalwijk, Netherlands)
- Valspar (Minnesota, U.S.)
- IVM Group (Milan. Italy)
- Other Key Players
Strategies Implemented by Companies to Fortify Industry
To stay ahead in the market, major players are engaging in mergers and acquisitions, expanding their manufacturing plants, investing in research and development facilities, and developing infrastructure. These strategies are being adopted by prominent companies to maintain their leading positions. Additionally, several companies are exploring opportunities to vertically integrate across their value chain.
Report Scope & Segmentation
|Forecast CAGR||4.8 %|
|2027 Value Projection||USD 12,323.2 Million|
|Market Size in 2019||USD 8,656.6 Million|
|No. of Pages||80|
|Report Coverage||Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends|
|Wood Coatings Market Growth Factors||Growing Consumer Inclination towards Sustainable Alternatives to Aid Development|
|The Popularity of Eco-friendly Furniture to Bolster Business Opportunities|
Browse Detailed Summary of Research Report with TOC:
Proclivity towards UV-Cured Coating to Amplify Growth
The wood coatings industry is anticipated to witness growth due to a rise in demand for eco-friendly products driven by environmental regulations and restrictions on traditional coatings. The industry’s focus on sustainability and green energy has led to an increase in demand for petrochemical products. The market is expected to experience growth during the forecast period, driven by the popularity of solvent-free coatings such as water-borne and radcure systems.
The current technologies being used in the industry include water-borne coatings, high-solids coatings, rad cure coatings, and powder coatings. The presence of volatile organic compounds in coatings has harmful effects on the environment and human health, leading to a decrease in demand for compounds such as formaldehyde. This, in turn, is expected to boost demand for eco-friendly products.
Evolving Working Styles to Accelerate Business in Europe
The wood coatings market has been analyzed across various regions including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Europe Wood Coatings Market is expected to experience a rapid growth rate during the forecast period owing to the presence of major manufacturers in the region. Europe is a major user of wood-based panels in combination with wood-sliced veneers. The growing home office industry coupled with changing working styles will aid the growth of the market in the region.
Asia-Pacific is expected to be the fastest-growing region due to increasing urbanization, rising disposable income, and growing construction activities. The region is witnessing significant demand for furniture and wood products, which is expected to boost the demand for wood coatings.
Latin America and the Middle East & Africa are also expected to witness significant growth due to rising construction activities and an increase in consumer spending on home decor and renovation.
Overall, the global wood coatings market is expected to witness healthy growth during the forecast period, driven by increasing demand for sustainable and eco-friendly alternatives, rising disposable incomes, and growing construction activities in emerging economies.
Some of the key questions answered in this report:
- What will the Wood Coating market growth rate be during the forecast period?
- Which are the key factors driving the market?
- What was the size of the Wood Coating market by 2027?
- Which region is expected to hold the highest market share in the Wood Coating market?
- What trends, challenges, and barriers will impact the development and sizing of the market?
- What are the opportunities in the global Wood Coating Industry?
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Emerging Trends – For Major Countries
- Industry SWOT Analysis
- Regulatory Analysis
- Recent Industry Developments – Policies, Partnerships, New Resins, Launches, and Mergers & Acquisitions
- Qualitative Insights – Impact of COVID-19 on the Global Wood Coating Industry
- Supply Chain Challenges
- Steps were taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Wood Coating Industry Analysis, Insights, and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Resins (Volume/Value)
- By Formulating Technology (Volume/Value)
- By Application (Volume/Value)
- By Region (Volume/Value)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- By Resins (Volume/Value)
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